The deal to sell the business was struck under former Asda boss Andy Clarke, who has since been replaced by Sean Clarke.

Photo-Me chief executive Serge Crasnianski said: "This is an interesting opportunity to significantly expand our UK business in a strong set of locations and increase our market share in the digital photo printing market, which we believe has growth potential in the digital age."

Mr Crasnianski added that he aimed to "improve the level of trading and overall performance over the next two years and beyond".